You love your big home. It gave you the space you needed to raise your family and all of the possessions, valuables and stuff that goes along with having kids. But now the kids live by themselves, and you find that your big home that was once full of the noises only a family can make is quieter than you want. What should you do? Many older couples and individuals who no longer need all the space of a larger home have “downsized” to a smaller home or condominium. There are numerous benefits to downsizing:
- You’ll save money- the more space you have, the more pressing the urge to fill it with stuff. Not only does downsizing eliminate that urge, but you may also make money getting rid of your stuff that won’t fit into your new home.
- Decrease your debt- with the money you will be saving from utilities every month, plus the income from selling your larger home you’ll be able to pay down the smaller mortgage on your downsized home quicker.
- Free yourself up- a larger home means more time spent on maintenance, cleaning and other upkeep activities; a smaller home means less time spent on upkeep.
- Reduce your energy usage- it takes more energy to heat or cool a larger area, which is why downsizing to a smaller home allows you to decrease your energy usage, saving you money and helping the environment.
- Make travel easier- how many steps do you have to take now when you want to leave your house for a week? If you downsize to a smaller home, or especially a condo or apartment, securing your home before you leave becomes much easier.
- A fresh start- ready to start the next chapter of your life? Moving into a smaller home can be the kickoff of your transition!
- Does the size of my home matter to me? For many people, homes are more than just where we live; they are part of your identity. Conventional wisdom says “bigger is better,” but you may not feel the same.
- Will I miss some of the things about living in a larger home? A smaller home may not be as centrally located, offer less space for visitors or have accessibility issues. It may also take less time to clean and do yard work. Be sure to make a pros and cons list.
- What other events will be affected by me living in a smaller home? If you like hosting parties or friends and family from out of town, a smaller home probably isn’t the best solution for you.